Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Inside Washington (08/05/2009)
* NAPERVILLE, Ill. (8/6/09)--Speaking before the Illinois Credit Union Leagues Small Asset Size Conference, in Naperville, Ill., National Credit Union Administration Chairman Michael E. Fryzel noted the historical importance of small credit unions to the industry overall. While commending the Illinois League for its educational work and its assistance to small credit unions, Fryzel commented that while smaller CUs can be challenged by the “competitive pressures, financial market turmoil and constant technological changes” of the financial system. However, Fryzel said that in spite of those challenges, small credit unions are “closer” to their members, have a “more immediate relationship” than many of their larger counterparts, “and have the ability to adapt and manage change as well as any other group in the credit union movement…” * WASHINGTON (8/6/09)--A Senate panel Tuesday discussed the feasibility of a single banking regulator. The Obama administration has proposed spreading the oversight of banks over several agencies. Federal Deposit Insurance Corp. (FDIC) Chair Sheila Bair said consolidating regulators may not solve the problems that caused the financial crisis. John Bowman, acting director of the Office of Thrift Supervision, also said he opposed a single regulator. Comptroller of the Currency John Dugan and Federal Reserve Board Gov. Dan Tarullo said they were open to consolidation, but Tarullo warned that a single regulator could mean that some agencies--like the Fed--would lose insight into how banks are functioning. On June 17, the Treasury issued a report on the financial regulatory system indicating that it would allow the National Credit Union Administration (NCUA) to maintain its safety and soundness authority over credit unions ... * WASHINGTON (8/6/09)--The Securities and Exchange Commission (SEC) is working to curb flash trading, which occurs when buy and sell orders are shown to high-frequency traders before the orders are passed onto others (The New York Times Aug. 5). The orders are shown for 30 milliseconds, but are perceived to give some investors an unfair edge over other investors. Sen. Charles Schumer (D-N.Y.) said he wants to know if investors are using the technology for gaming markets. He has threatened to introduce legislation that would eliminate flash orders. The SEC also could introduce rules to prevent dark pools--which are only open to select investors ... * WASHINGTON (8/6/09)--The Treasury said Wednesday it will issue more inflation-protected securities--TIPS--to encourage investors to buy the debt the Treasury needs to sell to help the economy. Treasury also said it could replace 20-year TIPS with 30-year TIPS, which would create more liquidity (Reuters Aug. 5). China holds most of the U.S. government’s debt and has indicated that it would buy more securities. Issuing more TIPS is one way the Treasury is reviewing help to the budget deficit (The Wall Street Journal Aug. 5) ...


RSS





print
News Now LiveWire
CUNA: CUNA offices closed through Friday, News Now returns Monday http://t.co/a5xbLzQKDj
20 hours ago
Reminder: @CUNA's Madison, D.C. offices will be closed through Friday, open again on Monday. #NewsNow will publish Monday.
1 Day ago
MI dentist to match @CUDirect's $20K to @HurleyMedical as a result of #20for20 online voting http://t.co/hqmIc9LpK1 @CMNHospitals
1 Day ago
New #creditunion chartered in St. Louis - #LutheranFCU - by @TheNCUA http://t.co/faPfANGS0P. Only 3rd new FCU charter this year.
1 Day ago
Don't get hacked during the holidays-use these tips from @CUNA http://t.co/jEqxni6NhO #StoptheDataBreaches http://t.co/woIxPOIyys
1 Day ago